City officials say the move would allow them to keep less money in reserves, as required under existing terms of earlier bond sales. Debt payments through refinancing would drop by about $200,000 a year, officials wrote, a savings that already has been included in the Water Bureau's financial plan.

On the other hand, new projects paid for through the bond sale would increase annual debt service by about $10.5 million. The ordinance, which faces a formal vote March 6, doesn't list which projects would be funded from bond sales, expected to net the city $161.5 million.